Soybean oil imports down 42.69pc, palm oil up 1.73pc

ISLAMABAD: Pakistan’s soybean oil imports during the first half of the current financial year reduced 42.69 percent as compared to imports during the corresponding period of the last year.

During the period from July-December 2016/17, soybean imports into the country came down by 101.184 million to 57.991 million, which was down 42.69 percent as compared to the same period of the last year.

According to the data of the Pakistan Bureau of Statistics, around 48,943 metric tons of soybean oil was imported in the first half of the current financial year as compared to the imports of 75,852 metric tons during the same period of the last year.

On month-on-month basis, soybean imports into the country reduced 95.61 percent, as around 922 metric tons of soybean was imported in December 2016 against the import of 13,637 metric tons during the same period of the last year.

Soybean valuing $0.688 million was imported in December 2016 as compared to the imports of $15.65 million during the same month of the last year.

However, in the first two quarters, palm oil imports increased 1.73 percent, as around 1,214,248 metric tons of palm oil was imported as compared to the imports of 1,327,882 metric tons during the same period of the last year. The country spent $844.279 million on the import of palm oil in the last six months as compared to $829,921 million during the same period of the last year.

Meanwhile, spices import also reduced 5.45 percent, as 85,331 metric tons of spices, valuing $64.852 million was imported as compared to the imports of 77,155 metric tons worth $68.595 million during the corresponding period of the last year.

During the first half of the current financial year, food group imports increased 9.04 percent as compared to the corresponding period of the last year.